News: Front Section
Posted: June 24, 2016
Worth Avenue Capital closes $180,000 commercial loan for a technology company
West Norwalk, CT Worth Avenue Capital, LLC (WAC) placed a $180,000 commercial loan for a small business that has developed a precise real time measuring technology with the ability to measure full body bio readings. The borrower will use the loan proceeds for short-term working capital purposes and the loan was funded by one of WAC’s private investors.
The loan is secured by a first mortgage on real property near the New Canaan town line. The LTV on this loan is 24%.
The borrower is in the process of obtaining an SBA loan from a conventional lender and will use those loan proceeds to pay off WAC’s bridge loan.
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